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Friday, October 31, 2008

Horrible month for stocks finally at a close

After a very scary month for stocks, where is the economy headed. Stocks took a large hit this month, and made a bit of a comeback towards the end. Thursday and Friday were the only two consecutive days that stocks were up this month, with only seven all together. This drop hurt more people than many drops in the past since more people are investing nowadays than before, and 401ks are connected to the stock market. However, this all has people wondering where the end is and how long till it is here. Some economists say that we are in a recession, but none of what is happening now even compares to the economic disaster of the Great Depression, and hopefully we will not end up in a similar situation down the road. During the Great Depression, unemployment rates were as high as 25% and right now we are only at 6%. This current economic downfall is not over yet, and no one can say for certain how bad it will be; so only time will tell how bad it gets. All of this happened despite the government's bailout plan.

Many aspects have weighed in to the diminishing stock market such as falling house prices, reduced consumer spending, and the credit crisis.

The Dow ended up down 14.1%, or 1526 points during this month. In the week of October 10th, the Dow fell 2400 points. However, this month the Dow also had two of its best days ever with a rise of 936 points and 889 points.

The Nasdaq fell 361 points, or 17.4%, in October.

After closing today for the end of the month the S&P fell 16.9%, or 198 points.

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